Tag: Budget 2016-17
Lok Sabha passed Finance Bill 2016-Section-wise Changes made On 5th May, 2016, the Lok Sabha passed the Finance Bill 2016 with some important amendments to the Bill. The major section wise amendments are as under. Section 2(42A) (wef 01/04/2017) Gains from transfer of unlisted shares shall be short term capital …
Government clarifies to the Jewellery Industry about the issues relating to imposition of Excise Duty on articles of Jewellery with simplified procedures. Ministry of Finance Press Release dated 18/03/2016 In the General Budget for 2016-17, a nominal excise duty of 1% and 12.5% has been imposed on articles …
Roll back of 60% taxation of EPF/NPS withdrawal announced The Finance Bill, 2016 (Budget 2016-17) had proposed income tax on 60% of the total corpus of Recognised Provident Funds (including EPF) and NPS at the time of withdrawal. However after severe criticism of the Government, the Finance Minister …
Phasing out of income tax deductions and exemptions in Budget 2016-17 The Finance Minister in his Budget Speech, 2015 had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. …
Rationalisation of income tax penalty provisions in budget- 2016-17 New section 270A for under-reporting of income from AY 2017-18 Under the existing provisions, income tax penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under section 271(1)(c) of the Income-tax …
Return of income (ITR) can now be filed without pre-payment of self assessment tax and interest In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, …
Belated returns u/s 139(4) can now be revised u/s 139(5)-Budget-2016-17 amendments In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, The Budget 2016-17 has proposed …
Time limit for filing belated income tax returns u/s 139(4) reduced by one assessment year-Budget-2016-17. Amendment applicable from AY 2017-18 onwards Time Limit for Filing belated return for AY 2016-17 is 31-03-2018 On the subject of last date for filing a valid return of income for AY 2016-17, …
ITR filing made compulsory if total income together with exempt LTCG from Equity shares exceeds basic exemption limit In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture …
Form 15G 15H for receiving Rent Payments without TDS deduction from 01-06-2016. Budget 2016-17 amendment to section 197A and 194I Enabling of Filing of Form 15G/15H for rental payments The provision of sub-section 194-I of the Income Tax Act, 1961 provides for tax deduction at source (TDS) for …
